-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DOkJ9kMMzLq0F2stQplQE7Y5Ldn7z/3IcveeMRJXC9iOhXFRJkFPWIGbwhSwmL+c EJ+HCB1KeaVPX+L6uMo/Tg== 0000217416-99-000018.txt : 19990421 0000217416-99-000018.hdr.sgml : 19990421 ACCESSION NUMBER: 0000217416-99-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990416 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED COMPANIES FINANCIAL CORP CENTRAL INDEX KEY: 0000217416 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 710430414 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-07067 FILM NUMBER: 99597224 BUSINESS ADDRESS: STREET 1: 4041 ESSEN LN STREET 2: P O BOX 1591 CITY: BATON ROUGE STATE: LA ZIP: 70809 BUSINESS PHONE: 2259870000 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 16, 1999 UNITED COMPANIES FINANCIAL CORPORATION (Exact name as specified in its charter) Louisiana 1-7067 71-0430414 (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation) Identification No.) 4041 Essen Lane, Baton Rouge Louisiana 70809 - --------------------------------------------------------------------------- (Address of principal executive offices) Zip Code Registrant's telephone number, including area code (225) 987-0000 Not Applicable (Former name or former address, if changed since last report) PAGE 1 2 Item 5. Other Events. The Registrant files herewith the exhibit listed in Item 7(c) below. Item 7(c). Exhibits. The following exhibit is furnished in accordance with Item 601 of Regulation S-K: 99 Press Release dated April 16, 1999 - "United Companies' Files Motion to Sell Portions of its Retail Lending Platform to Aegis Mortgage Corporation". 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNITED COMPANIES FINANCIAL CORPORATION (Registrant) Date: April 19, 1999 By: /s/ MICHAEL W. TRICKEY ------------------------------ Michael W. Trickey Chief Financial Officer PAGE> 4 INDEX TO EXHIBITS EXHIBIT SEQUENTIALLY NO. EXHIBIT NUMBERED PAGE - ------- --------- ---------------- 99 Press Release dated April 16, 1999 - "United Companies' Files Motion to Sell Portions of its Retail Lending Platform to Aegis Mortgage Corporation". EX-99 2 EXHIBIT 99 ---------- UNITED COMPANIES FINANCIAL CORPORATION NEWS RELEASE [UNITED COMPANIES LOGO] FOR IMMEDIATE DISTRIBUTION For More Information, Contact: Deborah Hicks Midanek Chief Executive Officer 225-987-2385 or 800-234-8232 RELEASE DATE: April 16, 1999 United Companies' Files Motion to Sell Portions of its Retail Lending Platform to Aegis Mortgage Corporation C. Geron Hargon Resigns Position as Chief Operating Officer to Facilitate Transition Team Baton Rouge, LA - United Companies Financial Corporation (OTC: UCFNQ) announced today that it is close to finalizing an agreement with Aegis Mortgage Corporation to sell approximately 126 of the retail branch locations and related assets of its subsidiary UC Lending(R) and has filed a motion today with the Bankruptcy Court to approve certain bidding procedures. In addition, the Company announced that C. Geron Hargon has stepped down from his position as Chief Operating Officer to facilitate the transition to Aegis. Under the terms of the agreement, which is subject to approval by the Bankruptcy Court and higher or better offers pursuant to bidding procedures to be established by the Bankruptcy Court, as well as to satisfaction of certain conditions, Aegis will pay $3 million and the operating expenses relating to such branches and related assets for a 30 day period immediately preceding the proposed closing date of June 1, 1999. In addition, Aegis will agree to purchase all of the loans, which are originated by UC Lending(R) during such 30 day period. The Company anticipates that the remaining 29 branches of UC Lending(R) still in operation will be closed. The Company's correspondent loan origination unit, UNICOR Mortgage, and manufactured housing loan unit, United Companies Funding, were previously closed. The Company continues to operate its servicing platform, which currently services approximately 128,000 loans having an aggregate outstanding principal value of $6.3 billion. United Companies is a specialty finance company in reorganization, that provides consumer loan products nationwide through its lending subsidiary, UC Lending(R). The following is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical facts are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: the developments in and outcome of the Company's Chapter 11 reorganization proceedings; the ability to access loan and warehouse facilities in amounts, necessary to fund the Company's operations; the successful execution of loan sales in the whole loan sale market; the ability of the Company to successfully restructure its balance sheet; the ability of the Company to retain an adequate number and mix of its employees; the effect of the Company's policies including the amount of the Company expenses; actual prepayment rates and credit losses on loans sold as compared to prepayment rates and credit losses assumed by the Company at the time of sale for purposes of its gain on sale computations; the quality of the Company's owned and serviced loan portfolio including levels of delinquencies, customer bankruptcies and charge-offs; adverse economic conditions; competition; various legal, regulatory and litigation risks and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. -----END PRIVACY-ENHANCED MESSAGE-----